Nigeria’s dollar millionaire population has risen to 8,100, with about 900 people joining the ranks of high-net-worth individuals over the past year.
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Nigeria adds 900 new dollar millionaires, now ranks 4th in Africa
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Nigeria’s dollar millionaire population has risen to 8,100, with about 900 people joining the ranks of high-net-worth individuals over the past year.
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Nigeria’s dollar millionaire population rises 12.5% to 8,100 in 2026
Nigeria ranks fourth in Africa for dollar millionaires, behind South Africa, Egypt and Morocco.
New World Wealth attributes Nigeria’s millionaire growth to a stronger naira, new businesses and rising asset values.
The increase marks the first annual growth in Nigeria’s millionaire population since 2021 and comes after years of decline linked largely to the naira’s depreciation and economic pressures.
Data from global wealth intelligence firm New World Wealth, contained in the 2026 Africa Wealth Report, shows that the number of Nigerians with at least $1 million in liquid investable wealth increased by 12.5 percent in June 2026 from 7,200 recorded a year earlier.
The latest figures represent a partial recovery for Nigeria’s wealthy population, which suffered significant losses as the naira weakened sharply against the US dollar.
According to New World Wealth, Nigeria lost about 1,600 dollar millionaires in 2024 and another 200 in 2023. The country’s millionaire population has fallen substantially over the longer term, dropping from 15,000 in 2013 to 8,100 in 2026, a decline of about 46 percent.
The recovery has been attributed partly to the naira’s improved performance against the dollar, alongside new business growth and stronger economic activity.
Andrew Amoils, head of research at New World Wealth, said the increase was mainly driven by the stronger naira and growth in new businesses, although he noted that the currency had performed poorly over the longer term.
A stronger naira can have a significant effect on dollar-based wealth estimates because it increases the US dollar value of assets held in naira.
However, currency movements are not the only factor behind the increase. New business formation, higher asset values, stronger corporate earnings and investment returns have also supported wealth creation.
Nigeria’s capital market has recorded strong gains in recent years, creating another channel through which private wealth has increased. Temi Popoola, group managing director and CEO of Nigerian Exchange Group, recently estimated that between 500,000 and 900,000 naira millionaires had been created through capital-market gains since 2023.
That estimate, however, refers to naira millionaires and is different from New World Wealth’s measure of dollar millionaires, which requires at least $1 million in liquid investable wealth.
Nigeria is now Africa’s fourth-largest millionaire market, behind South Africa, Egypt and Morocco. South Africa has 48,200 dollar millionaires, Egypt has 15,100 and Morocco has 8,300, while Kenya follows Nigeria with 6,500.
Beyond millionaires, Nigeria recorded a modest increase in its ultra-wealthy population. The number of Nigerians worth more than $100 million rose from 20 to 22, while the number of dollar billionaires remained at three.
